Al-Watania for Industries, Mecen IPC sign JV agreement

The joint venture agreement aims to establish the first plant in Saudi Arabia that produces polyethylene foam insulation (XLPE) in Dhurma industrial City in the Riyadh region.
Updated 17 December 2018
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Al-Watania for Industries, Mecen IPC sign JV agreement

Al-Watania for Industries (WFI) recently signed a joint venture agreement with Mecen IPC from South Korea to establish the first plant in Saudi Arabia that produces polyethylene foam insulation (XLPE) in Dhurma industrial City in the Riyadh region. With an investment of SR35 million ($9.32 million) in the first phase and a production capacity of 2,520 tons per year, this strategic project aims to introduce new options for high-efficiency insulation materials in the Saudi market.

WFI Vice Chairman Fahad bin Sulaiman Al-Rajhi said: “This is the first project in Saudi Arabia to produce cross-linked polyethylene foam (XLPE) and we are pleased to enter this JV project with the South Korean company Mecen IPC, the technical partner in this project, which owns 40 percent. We aim to localize the technology of manufacturing this product in line with Saudi Arabia’s Vision 2030.”

Executive Director of Mecen IPC Jae Chul Park said: “Saudi Arabia is one of the biggest markets for insulation material in the world and we see a great potential to expand our business to the entire MENA region. 

Strategically Saudi Arabia is the best place to start as it is the leading country in the MENA region.”

WFI CEO Ibrahim I. Behairi said: “The project is expected to be operational in the first quarter of 2020.”

Al-Rajhi added: “We are proud of our new project and are looking forward to studying other investment opportunities that will hopefully contribute to Saudization and localization and benefit our country.”


ICD, BBI launch global private sector platform

The agreement was signed by Ayman Sejiny, CEO of ICD, and Amer Bukvic, CEO of BBI, on Wednesday at the ICD’s headquarters in Jeddah.
Updated 19 May 2019
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ICD, BBI launch global private sector platform

The Islamic Corporation for the Development of the Private Sector (ICD) and Bosna Bank International (BBI) signed a memorandum of understanding on May 16 in Jeddah. The MoU is related to a new initiative — the Global Platform for Private Sector — where the two institutions and community of like-minded financial entities can collaborate on business opportunities, exchanging market intelligence and laying a foundation for actual financial transactions within the member countries and across borders.
The signing ceremony took place in ICD’s headquarters in Jeddah and the document was signed by Ayman Sejiny, CEO of ICD, and Amer Bukvic, CEO of BBI.
Sejiny said: “ICD takes the lead in launching such a platform network to demonstrate productive applications of fintech in modern global business affairs, to help reduce financial transaction costs for its member banks, leasing companies and micro-finance institutions and to upgrade the advisory services that ICD offers to its partners across the Islamic developmental network.”
Bukvic added: “We welcome the initiative and we’re happy to be among the first entities to sign the MoU with ICD. Such a platform would open opportunities for Bosnia and Herzegovina, BBI bank and other partners once implemented, and will most certainly facilitate investment across borders. This will extend our efforts already expressed by organizing international events in the capital of Bosnia and Herzegovina, such as the Sarajevo Business Forum and the Sarajevo Halal Fair.”

 

Bosna Bank International (BBI) d.d. Sarajevo is the first bank, both in Bosnia-Herzegovina and Southeast Europe, to operate in accordance with Islamic finance principles. BBI offers several types of financial services to retail and corporate clients through its business based on ethical principles and partnership. Shariah compliance is ensured by the BBI Shariah board with members of this board being prestigious local and international experts.
The Global Platform for Private Sector will be a cloud-based, next-generation, full-featured networking and fulfillment platform hosted by ICD for the benefit of its network of 88 financial institutions and 12 leasing companies worldwide. One major goal of this online platform is the sharing of investment, advisory, sukuk, financing and other deals in an environment of common Islamic values.
ICD is a multilateral development financial institution and is part of the Islamic Development Bank (IsDB) Group. It was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross-border investments.
ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IsDB, 54 Islamic countries and five public financial institutions.

Decoder

The Global Platform for Private Sector will be a cloud-based, next-generation, full-featured networking and fulfillment platform hosted by ICD for the benefit of its network of 88 financial institutions and 12 leasing companies worldwide.